Santiment: Bitcoin wallets with non-zero balances have decreased by about 108,700 since October 16 as retail selling pressure intensifies
【Santiment: Bitcoin wallets with non-zero balances have decreased by about 108,700 since October 16 as retail selling pressure intensifies】Bilian Express reports that Santiment Intelligence posted on X that the number of Bitcoin wallets with non-zero balances reached 59.99 million on October 16, just shy of the 60 million milestone. Since then, however, the total number of wallets has fallen by about 108,700. With BTC prices once again dropping below $75,000, small holders are growing increasingly impatient.
A decline in the number of wallets does not mean Bitcoin’s actual use is shrinking. During prolonged downturns, as market panic intensifies, small traders often consolidate or empty their wallets. This kind of capitulation selling by retail investors has historically been an important market phenomenon preceding major rebounds in many crypto markets.
If the number of wallets continues to decline while prices begin to stabilize, the signal would be more bullish. If BTC can hold around $74,000–$75,000 even as the number of holders falls, that would indicate rising market panic, but no further major price breakdown so far.
Meanwhile, BTC reserves on exchanges have also fallen to about 1.28 million coins. Therefore, if BTC climbs back above $78,000–$80,000 while retail investors continue to capitulate, that would further reinforce the view that selling pressure is gradually being exhausted and could also indicate that savvy investors are taking the opportunity to accumulate.
【Santiment: Bitcoin wallets with non-zero balances have decreased by about 108,700 since October 16 as retail selling pressure intensifies】Bilian Express reports that Santiment Intelligence posted on X that the number of Bitcoin wallets with non-zero balances reached 59.99 million on October 16, just shy of the 60 million milestone. Since then, however, the total number of wallets has fallen by about 108,700. With BTC prices once again dropping below $75,000, small holders are growing increasingly impatient.
A decline in the number of wallets does not mean Bitcoin’s actual use is shrinking. During prolonged downturns, as market panic intensifies, small traders often consolidate or empty their wallets. This kind of capitulation selling by retail investors has historically been an important market phenomenon preceding major rebounds in many crypto markets.
If the number of wallets continues to decline while prices begin to stabilize, the signal would be more bullish. If BTC can hold around $74,000–$75,000 even as the number of holders falls, that would indicate rising market panic, but no further major price breakdown so far.
Meanwhile, BTC reserves on exchanges have also fallen to about 1.28 million coins. Therefore, if BTC climbs back above $78,000–$80,000 while retail investors continue to capitulate, that would further reinforce the view that selling pressure is gradually being exhausted and could also indicate that savvy investors are taking the opportunity to accumulate.